What The Saudi-Russian Alliance Means For Oil Markets

For the last three or four decades it would be very hard to imagine any sort of deep cooperation between Saudi Arabia and Russia. The two share a history fraught with letdowns, consisting mostly of false pretenses that finding a mutually acceptable solution to any arising issue is possible at all. However, the OPEC+ deal has given rise to a massive convergence between Moscow and Riyadh – the two have not only rammed through an unprecedented 1.8 million barrel per day supply cut and substantially extended their political relations, but are also looking into ways on how to invest into each country’s key energy projects. In order to look at the unpredictability of a Moscow-Riyadh axis taking ever place, one has to look at the history of the two nations. The fall of the Soviet Union, heavily reliant on oil exports to gain hard-gained currency, remains in many ways […]